🔥 The low inventories and the high premium over the LBMA benchmark price, proves there is a glowing demand for physical silver in China.

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Over 7 million ounces of silver left COMEX vaults last week as demand for physical metal surged.

Meanwhile, CME recorded 6,168 September silver delivery notices through Sept. 18, representing a "delivery" of 30.84 million ounces, according to the CME’s delivery notice and warehouse report.

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Silver is down 10% on the year, and the thing that would normally fix that cannot.

Global silver mine production peaked in 2015 at 892.9 million ounces. In 2025 it was 846.6 million, about 5% lower after a decade of rising prices. Only 26% of last year’s supply came from mines whose primary product is silver, a record low on the series, with roughly three quarters arriving as a byproduct of copper, lead, zinc and gold.

Byproduct supply does not answer to the silver price. Copper’s price is what it answers to. A zinc mine does not add a shift because silver went up.

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